Daily Pivots: (S1) 1.1843; (P) 1.1861 (R1) 1.1875; More….
EUR/USD’s breach of 1.1901 temporary top suggests that rebound from 1.1717 is resuming. Intraday bias is back on the upside for 1.1960 first. Break there will also resume the rise from 1.1553 and target 1.2091 high. In case case, near term outlook will remains bullish as long as 1.1712 cluster support (61.8% retracement of 1.1553 to 1.1960 at 1.1708) remains intact.
In the bigger picture, rise from 1.0339 medium term bottom is seen as a corrective move for the moment. Therefore, in case of another rally, we’d be expect 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 to limit upside and bring reversal. Meanwhile, sustained trading below 55 week EMA (now at 1.1435) will suggest that such medium term rebound is completed and could then bring retest of 1.0339 low.
